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He specifically laid the blame with BOTH the angencies AND "within our home loan system". To narrow that down to just Fannie and Freddie is to completely remove the facts from your story.
The truth is that nearly every financial institution had a hand in this even though most KNEW that they were taking on excess liability and leverage. This was supposed to be overseen by the government agencies and they failed to do that. Moreover, there was a careless disregard at the institutions themselves for the increased risk they were taking (i.e. Bear Sterns) and every financial institution was guilty of doing so to some extent.
So the fact is that the blame SHOULD lie with BOTH the government agencies AND the with those who make up the financial sector, also known as the "system". Just as McCain correctly explained.
